Netflix To Acquire Warners Bros Discovery In Massive $82.7 Billion Deal: NFLX Stock Falls Over 2%, WBD Gains 3% In Premarket

Benzinga

Netflix agreed to acquire Warner Bros. Discovery (specifically its film/TV studios and streaming assets) for about $82.7 billion — giving Netflix control over major franchises (e.g. DC, Harry Potter, Game of Thrones) and massively expanding its content library. The deal is set to close after WBD spins off its cable-networks arm (to become Discovery Global) by Q3 2026, though it faces significant regulatory and antitrust scrutiny.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Netflix said it will acquire Warner Bros. Discovery in an $82.7 billion cash and stock

00:08deal, according to Benzinga. The transaction values WBD at $27.75 per share and will close

00:15after WBD completes separating its cable networks unit in the third quarter of 2026.

00:21The deal gives Netflix access to franchises such as Batman, Harry Potter, and Game of Thrones.

00:26The company said the expanded catalog will help attract and retain members, increase

00:31engagement, and boost revenue and operating income. Netflix expects $2 billion to $3 billion

00:37in annual cost savings by year three and said the deal will be accretive to GAAP earnings

00:43per share by year two. The merger faces antitrust scrutiny in Washington. Netflix shares fell

00:50more than 2% in pre-market trading, and WBD gained around $3, according to data from Benzinga Pro.

00:56For all things money, visit Benzinga.com.

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